Finance
The product is a cut of somebody else’s money — card networks, remittance counters, pay-later lenders, casinos and sportsbooks, and a share of another country’s minerals. Each case study is one episode taken apart: the fee, the float, and who really funds it.
5 case studies
Case study — FinanceWhy Ukraine's minerals are Iraq's oil all over againAmerica has signed this deal twice before, in Afghanistan and Iraq, and lost both times to the same rival.15 min read
Case study — FinanceHow credit card companies actually make moneyThe swipe fee is not the business. The interest is — and the networks taking the blame were founded by the banks collecting it.15 min read
Case study — FinanceHow Western Union makes money from the unbankedIt has more US locations than Chase, Wells Fargo, Citi, Capital One and Bank of America have branches combined.11 min read
Case study — FinanceHow casinos actually make moneyCasinos run 40%+ margins on gambling. DraftKings has never had a profitable year. The difference is not technology.14 min read
Case study — FinanceWhy buy now, pay later never makes moneyThe loan you take is not funded by the company you owe. It is bought back days later, above what it is worth.13 min read